Located in the northern quadrant of Bangalore, Jakkur emerged as a favourable realty precinct in the city. Presence of several government and private industrial units, improved connectivity and proximity to Hebbal Tech Park and aerodrome have played an instrumental role in the growth story of the micro-market.
For those working in Bangalore, owning a house is a dream come true. With the average capital ‘asks’ in most of the localities varying between Rs 10,000 per sq ft and Rs 12,000 per sq ft, buying a residential property remains a far-fetched ambition for the first-time homebuyers. However, Jakkur in North Bangalore is one destination which is helping many such homebuyers fulfil their desire of owning a home in a price that they can afford.
Taking precedence over the other micro-markets, Jakkur has evolved as a sought-after affordable housing destination in the city. With capital prices averaging between Rs 5,000 per sq ft and Rs 6,000 per sq ft, Jakkur remains a preferred realty market for both the end-users and the investors.
Key factors propelling realty growth
- It was only after the establishment of Jakkur Aerodrome in 2011 that the realty market in Jakkur gained momentum. From, a few launches earlier to several compact housing projects, Jakkur has witnessed exponential realty growth over time.
- Another crucial development that triggered realty expansion in Jakkur was the construction of the elevated expressway. The 22 km-long, six- lane, signal-free expressway not only connects to Hebbal on one side but also ensures smooth connectivity to the airport on the other.
- Proximity to Hennur Road, Thanisandra Main Road and high-end neighbourhoods such as Sahakaran Nagar also ushered realty expansion in Jakkur.
- Unparalleled infrastructure development, too, played a significant role. The area is replete with reputed schools such as Greenfield Public School and Vibgyor High School; and renowned hospitals like Regal Hospital and Columbia Asia hospital, among others. In respect to physical infrastructure, Jakkur ensures robust connectivity via Bellary Road and metro. The nearest metro station is Byappanahalli Metro Station (8.7 km). Bangalore Municipal Transport Corporation (BMTC) buses also ply at frequent intervals. For entertainment purpose, Esteem Mall, Kurlapa Shopping Complex and Idhaya Complex are a few options.
From Rs 3,500 per sq ft in 2011 to Rs 5,300 per sq ft in 2018, average capital values in Jakkur have increased by more than 50 percent in the last eight years. Increased infrastructure development, government initiatives under the Pradhan Mantri Awas Yojana (PMAY) and soaring interest of developers in affordable housing has helped in rapid transition of Jakkur.
Besides apartments, other residential formats available in Jakkur include gated communities, independent bungalows, row houses, condominiums and duplexes. However, residential apartments in gated communities are preferred to others owing to the availability of an array of amenities and facilities within the society.
Taking cognisance of the trend, realtors anticipate increased demand from homebuyers in Jakkur. With the availability of a variety of compact housing projects and growing capital prices, YoY, investment in Jakkur is worth considering. According to Karim Peer Khan, Managing Partner, Network Ventures, “Considering the pace of infrastructure development, average capital prices in Jakkur are estimated to record 10-12 percent hike in the near term. Besides, as Bangalore Development Authority (BDA) gears up for Peripheral Ring Road (PRR), which would be a 116 km eight-lane expressway, property prices are expected to grow further. The expressway will serve as an alternative route to people commuting to and from North Bangalore.”
The only downside is the stalled Jakkur Lake rejuvenation project. The project anticipated to cater to the water needs of the area has been put on hold owing to discord between the Bengaluru Water Supply and Sewerage Board (BWSSB) and Karnataka Power Corporation Ltd (KPCL). Once the Sewage Treatment Plant (STP) is upgraded, it will generate 15 MLD of water per day which would not only resolve the water problem in the area but would also replenish the deteriorating Jakkur Lake.
On the whole, Jakkur is already treading a path of evolution. Offering an array of opportunities to the homebuyers, it has already transformed into one of the most sought-after housing markets in Bangalore. Once the proposed PRR and the lake rejuvenation project gain momentum, its growth is expected to expedite further.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. 99acres does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.